DIGEST OF INTRODUCED BILL
Exemption of business personal property. Provides that business personal property located in a county may be exempted from property taxation: (1) through the adoption of an ordinance by majority vote of the county fiscal body; or (2) if the county fiscal body has not adopted such an ordinance, through the passage of a local public question by county voters. Requires the department of state revenue to separately account for sales tax collections that occur in or are otherwise sourced to a county in which business personal property is exempted from property taxation under these provisions. Requires the treasurer of state to distribute monthly to the county treasurer an amount equal to 5% of the sales tax collected during the preceding month on retail transactions that occur in or are otherwise sourced to the county. Provides that a county treasurer receiving such a distribution of sales tax: (1) shall deposit the taxes in a special fund; and (2) shall before the end of the month in which the taxes are received apportion and distribute the taxes among the taxing units of the county. Requires the department of local government finance to reduce the maximum permissible property tax levy of each taxing unit in a county in which a business personal property tax exemption has been established. Specifies that the amount of the reduction is equal to the amount of property taxes on business personal property that is first due and payable to the taxing unit in the year containing the assessment date for which the exemption first applies.